Prikhodko&Partners
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Opening an account abroad
International corporate law
Business Setup and Support in the UAE (United Arab Emirates) Opening a bank account in the UAE

Taras Miroshnychenko

Head of International Corporate Law and Fintech Practice

E-mail

miroshnychenko@prikhodko.com.ua

Phone numbers

Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.

Opening a bank account in the UAE

For an entrepreneur, a bank account in the UAE is a tool for working with international clients, counterparties and payments in different currencies. However, opening an account on the basis of “show your passport — receive a card” is not possible here. The bank assesses the client, their business, source of funds and future transactions. Therefore, preparation for banking is often no less important than choosing the bank itself. Prikhodko & Partners helps clients approach this stage systematically.

Get advice on opening an account in the UAE

How can a non-resident open an account in the UAE?

A non-resident can open an account in the UAE, but the specific requirements depend on the bank, type of account, citizenship, country of residence and client profile. For an individual, a passport, proof of residential address and documents explaining the source of income or funds are usually required. Some banks may request a bank reference, account statements or other evidence of financial activity.

For a company, the list is broader: corporate documents, details of the director and UBO, description of activities, agreements or invoices, and evidence of the source of funds. The bank must understand not only who owns the company, but also how the business will actually operate.

As part of KYC/AML, the bank establishes the identity of the client and beneficial owners, determines the purpose of opening the account, the expected nature of transactions and, where necessary, verifies the source of funds and wealth. Higher-risk clients may be subject to a more detailed review. This is consistent with the Central Bank of the UAE approach to customer due diligence.

Can an account be opened online in the UAE?

Part of the KYC process may be completed remotely. “Online application” does not mean account opening without additional checks. Video verification, certified documents and additional explanations may be required.

It is important to check whether the bank is prepared to work with non-residents and whether remote onboarding is available. For some clients, personal presence in the UAE may be necessary, while for others it may not be required.

Which bank is best for opening an account in the UAE?

Both major traditional banks and digital banks operate in the UAE. The choice depends on whether a personal or corporate account is required, whether the client has UAE residency, the expected turnover and the nature of international payments.

Bank	Personal account	Corporate account	Suitable for
Emirates NBD	Yes, including certain options for non-residents	Yes	One of the more versatile options for personal banking and international business
Mashreq Bank	Yes; non-residents may open a savings account, while foreign currency accounts are available subject to separate conditions	Yes, including Mashreq NEO BIZ	Entrepreneurs, small and medium-sized businesses and clients with international transactions
First Abu Dhabi Bank (FAB)	Yes, primarily for UAE residents	Yes	Companies with higher turnover and a need for traditional corporate banking
ADCB	Yes	Yes	Personal banking, SMEs and companies with an operational presence in the UAE
Wio	Yes, a digital account for residents and individuals relocating to the UAE	Yes, through Wio Business	Startups, entrepreneurs and clients who value remote account management

For example, Emirates NBD expressly provides document requirements for opening accounts for non-residents, while Mashreq allows non-residents to open a savings account with a passport and bank statement from the country of residence. Wio, in turn, is primarily focused on digital account opening for UAE residents or individuals who already hold a UAE work visa.

For a corporate account, the bank additionally reviews the company’s activities, ownership structure, source of funds, countries of counterparties and expected turnover, so the optimal bank should be selected for the specific business.

Account in the UAE for an individual

A personal account may be needed for income, savings, international transfers or expenses. There should be a logical connection between the client, their income and the purpose of the account.

The bank may request evidence of the source of wealth and funds. Without agreements, statements or other supporting evidence, the procedure becomes more complicated, particularly for large or unusual transfers.

Account in the UAE for a business or company

A corporate account in the UAE is a more complex product, especially where the company is new, its owner is a non-resident and its counterparties are located in different countries.

Before submitting an application, it is advisable to prepare:

the company’s corporate documents and evidence of its registration;
documents relating to the director, authorised signatories and ultimate beneficial owners;
a description of the activities, business model and geographical scope of operations;
agreements, invoices or other documents confirming genuine commercial transactions;
evidence of the source of funds and, where necessary, the source of wealth of the owners.

These documents are not required merely “for the file”. The bank develops a risk profile and must understand what transactions are normal for the client. KYC/AML involves identifying the client and beneficial owners, understanding the purpose of the account, monitoring transactions and, in higher-risk cases, verifying the source of funds and wealth.

Foreign currency account in the UAE

Foreign currency accounts and multi-currency services are important for international businesses. AED, USD and EUR are among the most commonly used currencies, although availability depends on the bank.

Objective	What to check before applying	Practical consideration
Personal account	non-resident status, address and income	prepare an explanation of the source of funds
Company account	corporate documents, UBO, activities	a new company needs a clear business model
International payments	currencies, SWIFT, fees	check the countries of future payments

What is included in account opening support?

Legal support is not simply the transfer of documents to a bank manager. Its purpose is to make the client understandable to the bank before the application is submitted.

The work usually includes:

analysis of the client’s profile and identification of banks that are appropriate to approach;
review of documents and preparation of a list of missing items;
preparation of a description of the business, sources of funds and expected transactions;
preparation of responses to KYC/AML requests and communication with the bank;
support until the bank makes a decision on opening the account.

Without preparation, the risk is not only refusal but also endless additional requests. One document generates three more, and the bank begins asking about transactions that the client did not prepare for in advance. Legal support helps save time.

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How we provide the service

We conduct an initial analysis of the client: residence, citizenship, source of income or funds, business and expected transactions.
We identify banks and account formats that match the client’s profile.
We prepare documents, the questionnaire and a logical explanation of the business model for KYC.
We submit the application and support communication with the bank, including additional requests.
We help complete the final onboarding stage and review the account terms before active transactions begin.

Prikhodko & Partners provides support with opening personal and corporate accounts in the UAE, helping clients prepare for the bank’s review and build a financial model that is clear to the bank.

Advantages of legal support

lower risk of applying to a bank that does not in practice work with your profile;
a position on the source of funds and nature of transactions prepared in advance;
structured KYC documentation instead of chaotic file exchanges;
support in negotiations with the bank in English and explanations of the bank’s requests to the client;
the ability to take future foreign currency and international payments into account from the outset.

Do you need to open a personal or corporate account in the UAE? Prikhodko & Partners will help select a bank, prepare the documents, complete the KYC/AML review and support communication until the bank makes its decision.

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1 question

Are you currently in Ukraine?

Yes

2 question

Are you currently in the UAE?

Yes

3 question

Do you need advice on opening an account for an individual?

Yes

4 question

Do you need advice on opening an account for a company?

Yes

Frequently asked questions for the topic:

Is UAE residency mandatory for opening a bank account?

No, some banks open accounts for non-residents. However, the requirements for non-residents are usually stricter and the list of documents is broader.

Does legal support guarantee a positive decision from the bank?

No. The final decision is made by the bank following its own KYC/AML review. The purpose of legal support is to improve the quality of the application, properly explain the client’s profile and reduce the number of procedural errors.

How long does it take to open an account in the UAE?

There is no single timeframe. It depends on the bank, type of account, completeness of the documents and complexity of the review. For low-risk clients, regulatory rules provide a guideline of several working days after the required procedures have been completed, although more complex cases may take longer.

Successful cases on the topic: